If you think it's hard to come up with a good idea for a business, write a business plan and finance a startup, just wait until you encounter the hurdles that will show up in your path! While some of these vary by location and situation, here are a few you'll encounter before you frame that "first dollar" to hang on your wall:

Legal structure: You must decide whether to be a sole proprietorship, general or limited partnership, C or S corporation or a limited liability company (LLC), among others. Each one is suited to different personal situations, and each has tax and liability implications. You'll probably need an attorney and/or CPA.

Financing: Almost all businesses need startup capital: Even a lemonade stand needs lemons and sugar. This might be debt financing, or equity financing. Equity financing means you give somebody a part of the company in exchange for financing, and usually involves deals of $1 million or more. Debt financing means you get a loan that must be repaid-normally with interest. A loan from yourself (savings) or a credit card company can be simple. It can also come from a home equity loan or a life insurance policy with a cash value. Other sources are banks or credit unions, a retirement plan, or a grant.

Permits, licenses, etc.: These vary by location and type of business. Many cities (or counties) require a business license. You might need a certificate of occupancy. You might have to register a fictitious name under the Trade Name Registration Act. Some businesses will get involved with trademarks or copyrights. If you deal with food products you'll also deal with the health department. Some professionals must be licensed. In some places zoning will be a consideration.

Insurance and taxes: There is business insurance, liability insurance, and motor vehicle insurance to consider. If your state has a sales tax, you'll need a sales tax number (and you'll have more reports to fill out and file, probably monthly, along with paying the tax.) We needn't remind you of the IRS.

Employees? The real cost of an employee is about 2-1/2 times what he or she thinks you're paying. And you can be sued for asking one wrong question during an interview. But if you really have to hire help, be aware that companies with one or more employees must pay the Unemployment Insurance Tax. With three or more, there is Worker's Compensation. Be aware of state and federal regulations regarding employees, including minimum wage, overtime, and child labor laws. The Federal Immigration Reform and Control Act of 1986 requires all employers to verify the employment eligibility of new employees. As a business owner you will gain a new awareness of OSHA.